Arts & Sciences Transfer – Actuarial Science Concentration
The mission of the Arts and Sciences Transfer – Actuarial Science Concentration is to help students transfer to a college or university that offers a baccalaureate degree with a major in mathematics or actuarial science. This transfer program ensures that all transfer requirements are up to date with other higher education institutions.
Career Options and Occupation Outlook
Employment of actuaries is projected to grow 22 percent from 2016 to 2026, much faster than the average for all occupations. Actuaries will be needed to help companies manage their own risk, a practice known as enterprise risk management. Actuaries will help companies avoid, manage, and respond to any potential financial risks across all areas of their business operations. This analysis helps companies adjust their business or investment strategies to achieve economic returns and respond to new financial regulations and requirements.
Most actuaries work for insurance companies. Although most work full time in an office setting, some actuaries who work as consultants may travel to meet with clients. Actuaries need a bachelor’s degree and must pass a series of exams to become certified professionals. They must have a strong background in mathematics, statistics, and business.
Actuaries are needed for their ability to:
- Use analytical skills to identify patterns and trends in complex sets of data to determine the factors that have an effect on certain types of events.
- Explain complex technical matters and communicate clearly through reports that describe their work and recommendations.
- Use programming languages to develop spreadsheets, databases, and statistical analysis tools.
- Lead and serve as members of teams.
- Quantify risk by using the principles of calculus, statistics, and probability.
- Identify risks and develop ways for businesses to manage those risks.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Actuaries, on the Internet at https://www.bls.gov/ooh/math/actuaries.htm
Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.
Professor Petal Sumner
Mathematics Transfer Coordinator
Liberty Campus, Life Science Building, Room 206
Department of Mathematics and Engineering
Liberty Campus, Life Science Building, Room 211